Is Mortgage Company Obligated to Stop Foreclosure Proceedings by Accepting my Past Due Payments?

Question: My mortgage company offered to accept the past due payments on my account in the foreclosure process in exchange for stopping the foreclosure proceedings. Is the mortgage company obligated to stop the foreclosure by accepting the payment? I am not the mortgage holder but I am in the house with a filed quit claim deed in my name. Since I am not the mortgage holder I can’t get anything in writing legally from the mortgage company stating their terms to me.  I have had a consultation with a real estate attorney, who answered some questions for me.

Response: That’s right. As long as the bank receives its payment, they will keep on taking it. They will reinstate the loan, the payments will go back to their original terms and the foreclosure proceedings will be stopped. You can’t get anything in writing because you are not the borrower. You would have to assume the loan to make it in your name and to have any new terms stated in writing. But if you are not trying to get a loan modification on your mortgage and just trying to resume to making payments, then you can just send the check to reinstate it and then continue making monthly mortgage payments. As long as you do, the bank will not bother you. As soon as you stop, again, the borrower, who is the person financially obligated under the note will end up in foreclosure, thus, risking losing the home that you own.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.

Copyright © 2015 Law Office of Svetlana Kaplun, P.C.

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